Hi, I have a credit card that I have received an offer of 0% money transfer. If I used the money transfer offer to my current account and then paid this back to my credit card which has a balance that accrues interest, would the payment back to the credit card clear the current interest accuring amount and leave the outstanding money transfer amount at 0%? Thanks, Iain
When you make a payment to your credit card, it will always be allocated to the part of your balance that attracts the highest rate of interest. So, in this situation, the payment would go towards clearing your balance that accrues interest and wouldn't touch the money transfer amount until the other balance had been cleared off.
I hope that makes sense, but please come back to use if you have any other questions :-)
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How we collect and use your personal data
Tesco Personal Finance plc, trading as Tesco Bank as part of the Tesco Group take the security of your data seriously. We want you to be confident that your data is safe and secure with us and understand how we use it.
We collect data when you browse our website (e.g. your IP address) and register for the Community. To find out more about how we use your data, our legal basis for processing your data and your rights under data protection laws please view our Privacy Policy.
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Tesco Bank Community Terms of Service v 1.0
The Tesco Bank online community ('Your Community') is for Tesco Bank customers, staff, contributors and supporters to discuss products, services, issues and matters of general interest. Your Community content may be viewed by both members and non-members.
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EmployeeVerified AnswerHi @iain073
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